Friday, 25 June 2010

BP: The First Trillion dollar estimates

I said yesterday some crazed US courts will start saying BP's costs for the Oil crisis will be a trillion. Little did I expect to be proved right in 24 hours. However, this link is the most bearish you could possibly see. The fun begins and also BP has come out to say today it is not 'planning' for bankruptcy.

No wonder BP's share price continues to sink. It's really sad for everyone affected, I hope they can plug the well soon.

3 comments:

It just means that in future the oil companies will drill in a less litigious area...That just means the US will need to carry on importing oil...That means the US will feel the need to provide security to support their vital national interests...

So no change really then.

In another form of words, this is a terrible tragedy in environmental terms and probably for BP, but I think it will stop there.

In a larger context, I do not see any likelihood that it will change the way things work.

I do not think they will enact new laws to regulate drilling that actually have much impact.

I do not think the average US consumer will even think about their lifestyle choices, much less think about changing them.

A bit like Gerald Ford (and possibly GWB) they will want things tidied up asap and then move on without looking back.